The global textile chemicals market value is anticipated to exceed USD 30.70 billion by 2025, according to a new report by Grand View Research, Inc. The rising consumer demand for innovative and styled clothing products is exepected to be a key factor steering the market growth in the coming years.
Due to increased disposable income and high purchasing power especially in the emerging economies such as China, India, Russia, and Brazil is anticipated to result in increased demand for textile chemicals in the next eight years. However, stringent regulatory laws implemented on the usage of fabric chemicals due to its hazardous impact on environment and human health is expected to remain a critical challenge for the manufacturers.
Home furnishing applications dominated the textile chemicals market with demand exceeding 3,600 kilo tons in 2015. Apparel segment accounted for over 25% of global revenue in 2015. Increasing usage of specialty chemicals in emerging application segments such as medical, industrial, and construction textiles is expected to further boost the market growth in the next eight years.
Further key findings from the report suggest:
The global textile chemicals demand was 9.78 million tons in 2015 and is estimated to grow at a CAGR of 3.4% over the forecast period to reach a total market size exceeding 13 million tons by 2025
Coating and sizing chemicals was the largest consumed product category with a total worth of USD 6,353.5 million in 2015 while accounting for just over 30% of the global demand in 2015
Asia Pacific textile chemicals industry is expected to witnessed the fastest growth and is expected to grow at a CAGR of 4.2% from 2016 to 2025. Expansion of key textile manufacturing players in the region, coupled with increasing domestic consumption of novel textile products is expected to support the region to maintain its dominance over the forecast period.
Technical textile application segment is estimated to witness the fastest growth over the next nine years. The U.S. product market in the segment is anticipated to grow at a CAGR of 3.8% from 2016 to 2025 to reach a net worth of USD 930.1 million by 2025
The global industry is discreetly fragmented with the top five enterprises accounting for over 50% of the total revenue in 2015. Major companies identified in this industry include BASF, Dow Chemical Company, Bayer AG, Huntsman International LLC and Sumitomo Chemicals Co. Ltd.